challenges & opportunities for entrepreneurs

7/28/2019 Challenges & Opportunities for Entrepreneurs

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CHALLENGES & OPPORTUNITIESFOR ENTREPRENEURS

&

SMALL BUSINESS OWNERSBy : Mr. Prabhat Ranjan Choudhury,

Sr. Lecturer, Dept. of I-MBA,

BJB (A) College, BBSR.


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Introduction..

The term entrepreneurship comes from the

French verb entreprendre and the German word

unternehmen, both means to undertake

Entrepreneur is one who creates a new business inthe face of risk and uncertainty for the purpose of

achieving profit and growth by identifying

opportunities and assembling the necessary

resources to capitalize on them.

Entrepreneurship is the act of being an

entrepreneur.

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WHY ENTREPRENEURSHIP

Economic Gain

To create self-employment

Generation of employment opportunity

Proper utilization of human potentiality Economic development of backward regions

Overcoming regional imbalances

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The road less travelled

CHALLENGES

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C H A L L E N G E S

CAPITAL

Seed Capital

Working Capital

COMPETITION

Global Competition

Domestic Competition

LACK OF KNOWLEDGEProduct

Technologies

Procedures and Documentations

Incentives and Schemes

FINANCIAL

MANAGEMENT

COMMUNICATION

&

NEGOTIATION SKILL

HUMAN RESOURCE MANAGEMENT

POLICY MAKERS AND STAKE HOLDERS

BUSINESS OPPORTUNITIES

MARKETING DYNAMICS

Pricing

Distribution

PromotionSOCIAL

NATURAL

RESOURCES

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JUGAAD

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Opportunities

Large domestic market

More disposable income

Robust Economic growth

Opening of Global market

Lower Cost Manpower

Faster Technology

Govt. initiatives to enhance entrepreneurship Financing

Helps in participating in trade fairs

Helps in Marketing activities

Helps in export promotion

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OPPORTUNITIES

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Advantages of Small Business

Ownership

The opportunity to:

Create your own destiny

Make a difference

Utilisation of creativity

Reaching fullest potential

Contribute to society

Recognition for your efforts

Do what you enjoy and have fun at it

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Drawbacks of Small Business

Ownership

Uncertainty of income

Risk of losing your entire investment

Long hours and hard work

High levels of stress

Complete responsibility

Discouragement

Lower social status

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Conclusion Entrepreneurship is essential for rapid and sustained economic

growth and development.

It creates the required Man power and skills necessary for

accelerated growth, reduce unemployment and poverty.

The government needs to create an investor-friendly

environment encompassing stable macro-economic policies.

Government need to address infrastructural facilities in the

country, starting with the power sector, roads and railways,

provide adequate security develop the plot for entrepreneurship.

There is need to change the mind set of young people to embrace

self employment.

Innovative ideas are provided with the financial support to

translate such ideas into reality.

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THANK YOU

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Questions???

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